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Net pension assets | 12 Months Ended
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Dec. 31, 2017
Text block1 [abstract] |
Net pension assets |
15. | Net pension assets
|  | 2017 |  |  | 2016 |
Pension assets |  | $ | 23,794 |  |  | $ | 25,946 |
Post-employment benefits |  |  | (19,997 | ) |  |  | (16,498 | )
Other employee benefits |  |  | (612 | ) |  |  | (622 | )
Total employee benefits liability |  | $ | (20,609 | ) |  | $ | (17,120 | )
Net pension asset |  | $ | 3,185 |  |  | $ | 8,826 |
In accordance with Panamanian law, the Company contributes to the following defined benefit plans: Seniority premium plan: it covers all employees eligible for the seniority premium as provided by the Company. Employees are fully vested in their benefit upon leaving the Company. The benefits consist of 1.92% of eligible earnings accumulated for each year of service. Indemnity plan: it covers all employees eligible for the indemnity plan as provided by the Company. The benefits consist of 6.54% of eligible earnings accumulated for each year of service. The actuarial liability is recognized for the legal obligation under the formal terms of the plan, and for the implied projections as required under IAS 19R. These actuarial projections do not constitute a legal obligation for the Company. The following table summarizes the components of net benefit expense included under “Wages, salaries, benefits and other employees ‘expenses” in the accompanying consolidated statement of profit or loss:
|  | Defined benefit obligation |  |  | Fair value of assets |  |  | Defined benefit assets (liability) |
Year ended December 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |
Current service cost |  |  | (1,767 | ) |  |  | — |  |  |  | (1,767 | )
Interest cost on net benefit obligation |  |  | (568 | ) |  |  | 778 |  |  |  | 210 |
Net benefit expense |  | $ | (2,335 | ) |  | $ | 778 |  |  | $ | (1,557 | )
|  | Defined benefit obligation |  |  | Fair value of assets |  |  | Defined benefit assets (liability) |
Year ended December 31, 2016 |  |  |  |  |  |  |  |  |  |  |  |
Current service cost |  |  | (1,724 | ) |  |  | — |  |  |  | (1,724 | )
Interest cost on net benefit obligation |  |  | (516 | ) |  |  | 689 |  |  |  | 173 |
Net benefit expense |  | $ | (2,240 | ) |  | $ | 689 |  |  | $ | (1,551 | )
|  | Defined benefit obligation |  |  | Fair value of assets |  |  | Defined benefit assets (liability) |
Year ended December 31, 2015 |  |  |  |  |  |  |  |  |  |  |  |
Current service cost |  |  | (1,638 | ) |  |  | — |  |  |  | (1,638 | )
Interest cost on net benefit obligation |  |  | (422 | ) |  |  | 532 |  |  |  | 110 |
Net benefit expense |  | $ | (2,060 | ) |  | $ | 532 |  |  | $ | (1,528 | )
The following table shows reconciliation from the opening balance to the closing balances for net pension asset and its components:
|  | Defined benefit obligation |  |  | Fair value of assets |  |  | Other employee benefits liability |  |  | Defined benefit assets (liability) |
At January 1, 2015 |  | $ | (12,778 | ) |  | $ | 18,559 |  |  | $ | (3,259 | ) |  | $ | 2,522 |
Current service cost |  |  | (1,638 | ) |  |  | — |  |  |  | — |  |  |  | (1,638 | )
Interest cost |  |  | (422 | ) |  |  | 532 |  |  |  | — |  |  |  | 110 |
Return on plan assets greater (less) than discount rate |  |  | — |  |  |  | 701 |  |  |  |  |  |  |  | 701 |
Experience (gain) loss |  |  | (809 | ) |  |  | — |  |  |  | — |  |  |  | (809 | )
Investment return |  |  | — |  |  |  | 105 |  |  |  | — |  |  |  | 105 |
Gross benefits paid |  |  | — |  |  |  | (599 | ) |  |  | — |  |  |  | (599 | )
Assumption changes |  |  | 222 |  |  |  | — |  |  |  | — |  |  |  | 222 |
Employer contributions |  |  | — |  |  |  | 3,749 |  |  |  | — |  |  |  | 3,749 |
Benefits paid |  |  | 957 |  |  |  | (774 | ) |  |  | — |  |  |  | 183 |
Adjustments |  |  | — |  |  |  | — |  |  |  | 1,504 |  |  |  | 1,504 |
At December 31, 2015 |  | $ | (14,468 | ) |  | $ | 22,273 |  |  | $ | (1,755 | ) |  | $ | 6,050 |
Current service cost |  |  | (1,724 | ) |  |  | — |  |  |  | — |  |  |  | (1,724 | )
Interest (cost) income |  |  | (516 | ) |  |  | 689 |  |  |  | — |  |  |  | 173 |
Return on plan assets greater (less) than discount rate |  |  | — |  |  |  | 518 |  |  |  |  |  |  |  | 518 |
Experience gain (loss) |  |  | (1,052 | ) |  |  | — |  |  |  | — |  |  |  | (1,052 | )
Investment return |  |  | — |  |  |  | 27 |  |  |  | — |  |  |  | 27 |
Gross benefits paid |  |  | — |  |  |  | (513 | ) |  |  | — |  |  |  | (513 | )
Assumption changes |  |  | (67 | ) |  |  | — |  |  |  | — |  |  |  | (67 | )
Employer contributions |  |  | — |  |  |  | 3,970 |  |  |  | — |  |  |  | 3,970 |
Benefits paid |  |  | 1,329 |  |  |  | (1,018 | ) |  |  | (75 | ) |  |  | 236 |
Adjustments |  |  | — |  |  |  | — |  |  |  | 1,208 |  |  |  | 1,208 |
As of December 31, 2016 |  | $ | (16,498 | ) |  | $ | 25,946 |  |  | $ | (622 | ) |  | $ | 8,826 |
Current service cost |  |  | (1,767 | ) |  |  | — |  |  |  | — |  |  |  | (1,767 | )
Interest (cost) income |  |  | (568 | ) |  |  | 778 |  |  |  | — |  |  |  | 210 |
Return on plan assets greater (less) than discount rate |  |  | — |  |  |  | (21 | ) |  |  | — |  |  |  | (21 | )
Experience gain (loss) |  |  | (2,033 | ) |  |  | — |  |  |  | — |  |  |  | (2,033 | )
Investment return |  |  | — |  |  |  | 88 |  |  |  | — |  |  |  | 88 |
Gross benefits paid |  |  | — |  |  |  | (440 | ) |  |  | — |  |  |  | (440 | )
Assumption changes |  |  | (226 | ) |  |  | — |  |  |  | — |  |  |  | (226 | )
Employer contributions |  |  | — |  |  |  | (1,677 | ) |  |  | — |  |  |  | (1,677 | )
Benefits paid |  |  | 1,095 |  |  |  | (880 | ) |  |  | — |  |  |  | 215 |
Adjustments |  |  | — |  |  |  | — |  |  |  | 10 |  |  |  | 10 |
As of December 31, 2017 |  | $ | (19,997 | ) |  | $ | 23,794 |  |  | $ | (612 | ) |  | $ | 3,185 |
As of December 31, 2017 and 2016, plan assets are comprised totally by fixed term deposits. As of December 31, 2017 employer contributions is a net amount of regular contributions by $ 3.5 million and retirement of interest earned by $ 5.2 million. For the year ended December 31, 2017 actuarial loss of $2.0 million (2016: $1.1 million and 2015:$2.2 million) where recognized in other comprehensive income. The following were the principal actuarial assumptions at the reporting date:
|  | 2017 |  |  | 2016 |  |  | 2015 |
Economic assumptions - |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 3.15 | % |  |  | 3.37 | % |  |  | 3.45 | %
Compensation - salary increase |  |  | 4 | % |  |  | 4 | % |  |  | 4 | %
Demographic assumptions - |  |  |  |  |  |  |  |  |  |  |  |
Mortality |  |  | RP - 2000 no collar |
Termination |  |  | 13% all ages |
Retirement |  |  |  |  |  |  |  |  |  |  |  |
Males |  |  | 62 years |
Females |  |  | 57 years |
Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions constant, would have affected the defined benefit obligation by the amount shown below:
|  | December, 31 2017 |  |  | December, 31 2016 |  |  | December, 31 2015 |
|  | Increase |  |  | Decrease |  |  | Increase |  |  | Decrease |  |  | Increase |  |  | Decrease |
Discount rate (0.5% movement) |  | $ | (506 | ) |  | $ | 537 |  |  | $ | (410 | ) |  | $ | 434 |  |  | $ | (366 | ) |  | $ | 388 |
Salary rate (0.5% movement) |  |  | 99 |  |  |  | (89 | ) |  |  | 122 |  |  |  | (117 | ) |  |  | 114 |  |  |  | (109 | )
The following payments are expected contributions to the defined benefit plan in future years:
|  | 2017 |  |  | 2016 |
Up to one year |  | $ | 3,424 |  |  | $ | 2,823 |
One to five years |  |  | 10,794 |  |  |  | 9,195 |
Over five years |  |  | 11,401 |  |  |  | 9,453 |
Total expected payments |  | $ | 25,619 |  |  | $ | 21,471 |

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- Definition Text block1 [abstract] + References No definition available. + Details
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- Definition The entire disclosure for employee benefits. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 19 -IssueDate 2017-01-01 -Section Scope -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&num=19&date=2017-03-01&anchor=sect_Scope&doctype=Standard -URIDate 2017-03-09 + Details
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